There is hereby created, under the terms of this article, a public utility for the purpose of operating, maintaining and preserving property within the Township of Wayne, County of Passaic, State of New Jersey, to be used as public swimming facilities, tennis facilities and incidental recreational programs which shall be owned by the Township of Wayne and for accounting purposes be a separate entity, having its own borrowing capacity, its own separate accounts and its own separate property, whether it be real, personal or mixed.
The name by which the utility shall be known as is the "Township of Wayne Swimming and Recreation Utility," hereinafter called the "Utility."
It shall be the function of the Utility to preserve, care for, lay out, construct, maintain, improve and operate lands used as public swimming facilities and tennis facilities and for such other recreational purposes and activities; to construct, reconstruct, alter, provide, renew and maintain buildings or other structures and equipment and provide for the care, custody and control thereof in the operation of the Utility; to raise money necessary to pay for the lands, rights or interest therein acquired for public swimming facilities and tennis facilities and for such other recreational programs, and for improving and equipping the same; to pay or make provision for the payment of the reasonable expenses in each fiscal year of the Utility; to pay to those persons entitled thereto the interest and principal on notes and bonds of the Utility; and to deposit and accumulate reserve funds or reserves.
The Utility shall be governed by the ordinances, the Administrative Code and resolutions adopted by the Council, and by administrative directives, and shall be under the direct supervision and control of the Director of the Department of Parks and Recreation.
The financial affairs of the Utility shall be governed in accordance with the laws applying to the financial affairs of the municipality and utilities in general and shall be under the direct supervision and control of the Township Finance Director.
The Utility may, from time to time, acquire such real property as may be authorized by the Township Council by duly adopted ordinances according to the laws of the State of New Jersey.
The Utility shall have authority to charge and collect moneys for program activities and for the use of the Utility's facilities in accordance with municipal ordinances and to use these moneys to defray the cost of the acquisition of lands, rights and interests therein, to equip the facilities, to pay the Utility's current expenses and to pay the interest and principal on notes and bonds.